M.Y. Safra Bank Boosts Nationally Available 36-Month CD Rate

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Deal Summary: 36-month MYSB Direct Online CD, 3.04% APY, $500 minimum deposit, new money.

Availability: Nationwide

More than five years ago, New York-based M.Y. Safra Bank (MYSB) began offering a limited number of Online Promo CDs. MYSB’s initial foray into internet banking led to the MYSB Direct Online CDs, which have been part of the product line for a couple of years. MYSB recently raised the rates on Direct Online CDs, with the 36-month (3.04% APY) offering the most competitive rate. A minimum of $500 of new money is required to open an Direct Online CD. (New money is defined simply as “funds from another institution.")

According to CSR, the Early Withdrawal Penalty for any of the MYSB Direct Online CDs is 90 days interest.

Funding can be done by ACH or wire transfer. Maturing funds will be distributed by check to the address on file or by wire ($20 fee).

Unlimited beneficiaries can be named, with Social Security numbers required for each beneficiary.

Availability

Headquartered in New York City, M.Y. Safra Bank came into being when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob E. Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by “U.S. natural persons depositing new funds” and must be opened online.

Bank Overview

M.Y. Safra Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.07% (excellent), based on March 31, 2022 data. In the past year, MYSB has increased its total non-brokered deposits by $48.44 million, an excellent annual growth rate of 20%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

Currently the 86the largest bank headquartered in New York, M.Y. Safra Bank has assets in excess of $373 million. Although MYSB opened its doors in 2013, the Safra family has been associated with banking for far longer.

For centuries, the Safra name, meaning gold, has been synonymous with sustained trust and reliability. The Safra family first rose to prominence while financing 19th century trade to Asia, Africa, the Americas, and Europe. The patriarch of the contemporary Safra dynasty, Jacob E. Safra, began working at age 13 under the tutelage of his uncle at Safra Frères & Cie., headquartered in Aleppo, Syria. In 1920, he established his own bank in Beirut, Jacob Safra Maison de Banque, marking the first step in extending the Safra legacy of prudent banking practices to the four corners of the world.

Jacob E. Safra’s son, esteemed banker and financier Edmond J. Safra, advanced his family’s legacy by founding a world renowned bank in Switzerland before arriving in New York in the early 1960s to establish what became Republic National Bank. Within twenty years, Republic grew to be one of America’s largest banks. Having successfully built a global network of banking excellence, he championed the Safra family principles of discretion and service in every institution that he built.

Although the bank's name looks like “My Safra Bank”, it actually refers to Moise Y. Safra, Jacob E. Safra’s second son, a legendary Brazilian banker.

How the 36-month MYSB Direct Online CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the M.Y. Safre Bank 36-month MYSB Direct Online CD. The following tables compares the 36-month MYSB Direct Online CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
3.25%36-Month Certificate Special (EWP=360 days)USALLIANCE Financial
3.04%MYSB Direct Online CD (EWP=90 days)M.Y. Safra Bank
3.01%36-Month Certificate (EWP=180 days)Connexus Credit Union
2.81%3-Year CD (EWP=730 days)Quontic Bank
2.75%3-Year Bread Savings CD (EWP=180 days)Bread Financial

The above information and rates are accurate as of 6/10/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, 5-year CD rates, nationwide deals

Comments
cincincyreds
  |     |   Comment #1
I would say to wait for the Fed to raise rates this week before committing. I think these CD rates are going up big time with inflation at 9%.
cincincyreds
  |     |   Comment #2
If inflation is 9.83% I would want a lot more.
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Availability: Nationwide

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M.Y. Safra Bank Increases Online Promo CD Rates
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Availability: Nationwide

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Deal Summary: 1-Year Online CD Special, 1.70% APY, $5k min/$250k max, new money

Availability: Nationwide

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